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Published on 30 Mar 2017
The
WTI Crude Oil market initially fell slightly during the day at the open
on Thursday but then surged through the $50 level as it was learned
Goldman Sachs is trying to squeeze the price differential between Brent
and WTI markets. The question now is whether we can continue to go
higher but I should suggest that as long as we can hold above $50, a
supportive candle will more than likely be a nice buying opportunity. A
break below the $49.50 level would be a very negative sign. I think that
as we enter the driving season, we will more than likely see bullish
pressure for a while. Given enough time, it’s only a matter of time
before oversupply becomes an issue, but in the short term it looks as if
the buyers are in control.
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